HONG KONG – Spot gold was little changed at $4,713.39 an ounce, while U.S. gold futures for June delivery rose 0.7 percent to $4,721.80.
In economic data, U.S. consumer prices rose sharply in April for a second consecutive month, marking the largest annual increase in inflation in nearly three years. The data reinforced expectations that the Federal Reserve will keep interest rates unchanged for an extended period.
In Washington, the U.S. Senate on Tuesday approved the appointment of Kevin Warsh to the Federal Reserve Board of Governors for a 14-year term, a significant step towards him becoming the next chairman of the board, succeeding Jerome Powell.
On trade policy, India raised customs duties on gold and silver imports from six percent to 15 percent in an effort to curb imports and ease pressure on foreign exchange reserves.
Among other precious metals, silver rose 1 percent to $87.40 an ounce, platinum slipped 0.1 percent to $2,124.70, while palladium gained 0.4 percent to $1,497.